Qantas 2007 Annual Report Download - page 88
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86 Qantas |Annual Report 2007
Qantas Group Qantas
Recognised in the Income Statement 2007
$M
2006
$M
2007
$M
2006
$M
Current income tax expense
Current year 319.1 190.9 226.5 129.4
Adjustments for prior years (2.0) (1.2) (8.4) (1.8)
317.1 189.7 218.1 127.6
Deferred income tax expense
Origination and reversal of temporary differences 65.3 22.6 65.2 62.6
Entities acquired 1.8 –––
Adjustments for prior years (75.1) (21.9) (70.2) (23.9)
Benefit of tax losses recognised 3.4 0.8 3.4 0.8
(4.6) 1.5 (1.6) 39.5
Total income tax expense in the Income Statement 312.5 191.2 216.5 167.1
Comprising:
Australian income tax expense 310.4 189.6 216.5 167.1
Overseas income tax expense 2.1 1.6 ––
312.5 191.2 216.5 167.1
Reconciliation between income tax expense and profit before related
income tax expense
Profit before related income tax expense 1,032.1 671.2 675.1 559.1
Income tax using the domestic corporate tax rate of 30 per cent 309.6 201.4 202.5 167.8
Add/(less) adjustments for:
Non-assessable income
tax offset for franked dividends received–(6.6) (8.9) (3.1) (4.3)
non-taxable dividends–(2.3) (1.4) (1.4) (1.2)
share of associates’ and jointly controlled entities’ net profit–(5.2) (1.5) ––
utilisation of previously unrecognised losses–(10.3) (14.5) (3.4) (14.5)
Non-deductible expenditure
amortisation of lease residual values––1.0 –2.1
writedown of investments–1.3 6.3 3.1 6.9
provisions for insurance, legal and other–14.2 –14.2 –
Other items 13.8 10.0 13.0 12.1
Over provision in prior years (2.0) (1.2) (8.4) (1.8)
Income tax expense 312.5 191.2 216.5 167.1
Income tax recognised directly in equity
Current income tax expense
Other net financial assets/liabilities and interest-bearing liabilities 3.2 (11.4) 3.2 (11.4)
Deferred income tax expense
Relating to revaluation of property, plant and equipment –0.8 ––
Other net financial assets/liabilities and interest-bearing liabilities (93.5) (8.2) (93.5) (8.2)
(90.3) (18.8) (90.3) (19.6)
4. Income Tax
Notes to the Financial Statements
for the year ended 30 June 2007